NEW YORK: The Chicago Stock Exchange, one of the oldest US exchanges, said Friday it has agreed to be bought by a Chinese-led investment group.

The CHX board of directors unanimously approved the sale to an investor group led by Chongqing Casin Enterprise Group, a private holding company based in Chongqing, the exchange said in a statement.

It would be the first Chinese buyout of a US stock exchange if approved by regulators.

Financial details of the deal were not provided.

“We believe that this acquisition is the best outcome for our clients, shareholders and the trading community as a whole,” said John Kerin, CHX chief executive and president.

Founded in 1882, the Chicago Stock Exchange is one of the country’s oldest equities markets. It operates a fully electronic matching system for trades.

According to Bloomberg, CHX has about 0.5 percent of the stock trading in the United States.

Casin founder and chairman Shengju Lu said the group fully supports CHX’s plans to improve market share through new growth initiatives.

“Together, we have a unique opportunity to help develop financial markets in China over the longer term and to bring exciting Chinese growth companies to US investors,” he said.

Casin plans to keep CHX’s current business operations and proprietary trading platform, and Kerin in his CEO and president roles. The transaction is expected to be completed in the second half of 2016.—AFP